Wolseley FY profit up 12%, U.K. market seen improving

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LONDON (MarketWatch) -- U.K. building and plumbing supplier Wolseley Plc
uk:wos
[s:wos] on Monday said fiscal-year profit rose 12% to 537 million pounds ($1 billion), or 90.02 pence a share, from 479 million pounds, or 80.75 pence a share, a year earlier. Revenue climbed 25% to 14.16 billion pounds on a strong performance of the U.S. business and acquisitions. The dividend rose 11.4% to 29.40 pence a share. The group said that although the economic outlook remains uncertain in the U.S., growth at its maintenance unit and in industrial and commercial markets should outweigh the softening in the new residential market. Wolseley said the U.K. market is expected to show gradual improvement. Separately, the group said it has undertaken the placing of 10% of new ordinary shares to cut debt and allow the group to pursue its program of bolt-on acquisitions.

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